INDEPENDENT AUDITOR’S REPORT (Body of Independent Auditor’s Report) In connection with our audit, nothing came to our attention that caused us to believe the State Board failed to comply with the terms, insofar as they relate to the accounting matters of the Soybean Promotion, Research and Consumer Information Act of 1990 (the “Act”) and the Soybean Promotion and Research Order (the “Order”) relative to the use of funds collected by the State Board and with the terms described in Section 1220.228(a) of the Order relative to prohibited uses of funds collected by the State Board. In connection with our audit, nothing came to our attention that caused us to believe the State Board failed to comply with terms insofar as they relate to the accounting matters of the Soybean Promotion, Research and Consumer Information Act of 1990 (the “Act”) and the Soybean Promotion and Research Order (the “Order) relative to the investment of funds collected by the State Board and with provisions of Section 1220.211(j). However, our audit was not directed primarily toward obtaining knowledge of such noncompliance in the use and investment of funds. This report is intended solely for the information and use of the Directors and management of the Qualified State Soybean Board, the USB and the United States Department of Agriculture, and should not be used for any other purpose.